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Matt Davies warned that rising prices could prove highly toxic for shoppers - especially those on a tight budget.

The UK boss of the retailer said: “Everybody should be very, very clear how damaging food inflation is to the economy, to retail businesses and manufacturing businesses and how lethal it could be for millions of people struggling to live from week to week.”

He added: "Our role is to do everything we can do to prevent food inflation which is not good for business and highly toxic for consumers."